119,300 Shares in KeyCorp $KEY Acquired by Legato Capital Management LLC

Legato Capital Management LLC purchased a new position in KeyCorp (NYSE:KEY) during the 4th quarter, HoldingsChannel reports. The firm purchased 119,300 shares of the financial services provider’s stock, valued at approximately $2,462,000.

Several other hedge funds have also made changes to their positions in KEY. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Capital World Investors lifted its holdings in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares during the last quarter. Two Sigma Investments LP bought a new stake in shares of KeyCorp in the 3rd quarter worth approximately $66,683,000. Artemis Investment Management LLP bought a new stake in shares of KeyCorp in the 4th quarter worth approximately $55,969,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of KeyCorp by 39.6% in the 3rd quarter. Victory Capital Management Inc. now owns 6,856,534 shares of the financial services provider’s stock worth $128,149,000 after purchasing an additional 1,945,368 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Up 0.4%

Shares of KEY stock opened at $21.59 on Friday. KeyCorp has a 1 year low of $15.28 and a 1 year high of $23.34. The stock has a market cap of $23.40 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 0.69 and a beta of 1.06. The business’s fifty day moving average is $20.89 and its 200-day moving average is $20.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts expect that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

KeyCorp declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

KEY has been the topic of several recent analyst reports. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Piper Sandler lifted their target price on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. cut their target price on KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group lifted their target price on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Finally, Truist Financial cut their target price on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research note on Monday, March 23rd. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.78.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.56% of the company’s stock.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.